With financial and legal requirements placing a more onerous responsibility on officials and trustees to ensure the adequate insurance arrangements are in place, coupled with the growing trend to resort to litigation in today’s society, there is an ever increasing exposure to liability risks and, therefore the need for adequate insurance cover.
Charitable / Non-Profit organizations have a duty to safeguard the property of the organization not only from loss or damage but also from third party liabilities which would otherwise have to be satisfied out of the property of the organization. If organizations unreasonably fail to discharge this duty they may be personally liable to make good the organizations losses. Because of this, it may be appropriate to take out insurance as a means of discharging this duty.
For a Charitable / Non-Profit organization to determine the type of insurance appropriate to them, they should ideally engage the services of a specialist Insurance Broker with experience in this diverse sector to carry out a full review of their Insurance requirements. However, basic knowledge of the organization should allow the person reviewing the Insurance requirements of the organization to identify their exposures under the following headings:
- Material Damage – Material Damage Insurance covers all of the standard risks associated with damage to assets by an Insured cover– e.g. burglary, fire, storm, flooding etc.
- Money – This covers the loss of cash or cheques.
- Computer – This covers the cost of hardware and software.
- Fidelity Guarantee – This covers theft of money by employees / volunteers.
- Business Interruption – This covers the potential loss of income following damage by an Insured cover.
- Employers Liability – This cover provides protection against loss arising from legal liability for accidental injury to Employees and Volunteers.
- Public / Products Liability – This cover provides protection against loss arising from legal liability for accidental injury to any third party or loss of or damage to their property, resulting from the business and/or from any product supplied.
- Professional Indemnity: This covers against any claims against the organization as a consequence of errors or omissions in advice given.
- Directors & Officers / Trustee Liability: This is liability insurance payable to the directors and officers of a company, or to the organisation itself, as indemnifications for certain damages (losses) or advancement of defence costs in the event any such insured suffers such a loss as a result of a legal action (whether criminal, civil, or administrative) brought for alleged wrongful acts in their capacity as directors and officers (as to the individual directors/officers) or against the organization.
- Employment Practices Liability: This provides protection for an employer against claims made by employees, former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment and other employment-related allegations.
- Motor Insurance – This covers both third party liability and own damage to vehicles.
- Group Personal Accident Insurance – Covers Employees in respect of Bodily Injury sustained whilst engaged in their occupation.
- Group Travel Insurance – This covers medical expenses and financial losses following the necessary cancellation of a trip as result of a flight cancelation, illness, death etc.
- Engineering: Provides inspection of plant as per statutory requirements and can also cover sudden and unforeseen damage.
We are experienced and dynamic brokers committed to providing integrity and innovation in a competitive world. We are a leading provider of insurance and financial planning services to individual and commercial clients nationwide. Our principal focus is that of developing partnerships with our clients, harnessing the experience and imagination of our people to deliver cost effective and innovative solutions you need.
We provide a highly professional service to our clients not only in the area of securing the best covers, in terms of price and security, but can offer a comprehensive risk and claims management service in conjunction with dedicated specialist, with whom we have developed close partnerships.
Our dedicated insurance packages are perfectly suited to Charitable, Voluntary and Not for Profit organizations. Our products can be tailored to meet the needs of a wide range of Charities, Voluntary and Not for Profit organizations including those who undertake complex and wide ranging activities. We always look to tailor cover to reflect the specific needs of our Clients and our various schemes consider a wide range of risks.
We know that your business is forever changing, so we’ll continue to keep a close eye on what’s happening and share any news or opportunities that will affect your organization.